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Good Neighbor Next Door – 203(g)

March 7, 2012

One FHA program that is aimed at community reinvestment is aimed at, and limited to, specific individuals within the community. 203(g) mortgages are often referred to as the Officer and Teacher Next Door program because pre-kindergarten through 12th grade teachers, law enforcement officers, firefighters, and emergency medical technicians are all eligible for the program.

Homes are offered at a 50% discount if the borrower employed in one of the professions listed above, commits to living in the home for at least three years, and he/she is employed in the community where the residence is located. Though HUD requires the borrower sign a second note on the property for the discounted rate, there is no interest or payments required on the second mortgage as long as the borrower fulfills the three-year residency requirement.

 

FOR A FAST PRE-APPROVAL:
http://pmcmortgageloans.com/mortgage_application.php

First, complete a loan application on our website
-Go to http://www.pmcmortgageloans.com
-Click on Apply Now at the top
-Scroll to the middle of the page and Click on 3. Full Application
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